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Friday, August 12, 2016

David Rosenberg*:

"This Market Makes No Sense"

"Okay, this really is one weird market .. So you see what I mean by cognitive dissonance, right? .. Long bonds, short the Fed funds futures. Long equities but long bonds. Long gold but long equities. Long the dollar and long the precious metals. At the same time, if risk appetite is so acute, why then are these people long the U.S. market and the large caps and at the same time short the emerging market equity space (which is outperforming by the way) with a net short position of 13,319 futures and options contracts (highest in 15 months) and a net short position on the small caps (1,948 futures & options contracts on the Russell 2000 on the ICE)? It is next to impossible to make sense out of this; I’m not even sure Graham or Dodd could if they were still alive."LINK HERE to the commentary

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